Montgomery Ward's unsecured creditors won a bankruptcy judge's approval of a liquidation plan for the defunct retailer and the right to sue its owner, GE Capital Corp., for at least $500 million.
U.S. Bankruptcy Judge Raymond Lyons approved the plan, which hinges on fraud claims by creditors against General Electric Co.'s GE Capital unit. Ward's suppliers say GE Capital duped them into extending hundreds of millions of dollars in credit to the dying retailer before its bankruptcy filing in December 2000.
